<< <i>They never asked for it over the phone. They did in email and told me to log into my account and follow the link in my messages. I did login through my own link, and the message was there, I followed it and left the #. Now they are happy.
The only question I have is what do I do if the IRS comes after me to pay income tax on my coin sales? On just about all the coins, I took a loss. I paid close to retail on them all. I have virtually no purchase records for any of it as it is a 10 year plus accumulation. I am not a business so I do not keep records. So what could I provide to the IRS to prove I did not make a profit and/or took a loss? I am not worried about this batch but I am considering selling out everything I have left.
I have heard that with new (current) tax rules that the taxpayer is now innocent until proven guilty by the IRS unlike the old rules where the burden of proof was on the taxpayer. >>
Beat IRS to the punch, report the sales. You might as well because paypal is going to report them on your behalf. To report gain or loss you will need all of your expenses (estimate if necessary). Postage and Paypal and ebay fees are an expense. Schedule D is the easiest. Report no more sales than necessary, enough to at least match what paypal's 1009 to you at the end of the year says.
Comments
<< <i>It is still incumbent upon to the taxpayer to establish the basis they have in the goods sold. >>
true enough !
<< <i>They never asked for it over the phone. They did in email and told me to log into my account and follow the link in my messages. I did login through my own link, and the message was there, I followed it and left the #. Now they are happy.
The only question I have is what do I do if the IRS comes after me to pay income tax on my coin sales? On just about all the coins, I took a loss. I paid close to retail on them all. I have virtually no purchase records for any of it as it is a 10 year plus accumulation. I am not a business so I do not keep records. So what could I provide to the IRS to prove I did not make a profit and/or took a loss? I am not worried about this batch but I am considering selling out everything I have left.
I have heard that with new (current) tax rules that the taxpayer is now innocent until proven guilty by the IRS unlike the old rules where the burden of proof was on the taxpayer. >>
Beat IRS to the punch, report the sales. You might as well because paypal is going to report them on your behalf. To report gain or loss you will need all of your expenses (estimate if necessary). Postage and Paypal and ebay fees are an expense. Schedule D is the easiest. Report no more sales than necessary, enough to at least match what paypal's 1009 to you at the end of the year says.
Exit bunker, enter Matrix. LOL